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Is there a state regulation on how many mortgages can be on commercial real estate? We have an application on commercial real estate that already has two mortgages.

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We are not aware of any restrictions on the number of mortgages that can be filed on a single commercial property under Illinois law.

←Previous: Can we use the current HUD notice that references 30 days, even though it conflicts with the expanded coverage of the IL SCRA of 29 days?

Next: Under the Illinois Mortgage Escrow Account Act, we have to allow customers to terminate their escrow accounts once a loan is paid down to 65% of the original loan amount. Does this conflict with federal escrow requirements, and if so, which law applies?→

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